Deutsche Boerse's Structural Growth Intact During First-Quarter 2021

We maintain our EUR 150 per-share fair value estimate and wide moat rating for Deutsche Boerse after the group released a limited set of first-quarter results for 2021. As was to be expected, revenue declined sharply across the board compared with the same period a year ago, when market volatility and volumes spiked due to the onset of the coronavirus. At group level, revenue shrank 7%. However, if we compare top-line performance with levels in the same period of 2019, the continued strong performance becomes more evident. Excluding the newly acquired ISS business, we estimate Deutsche Boerse grew its revenue by close to 8% per year. At the same time, EBITDA grew 7%. Overall, this performance is well in line with its long-term strategic target of growing revenue and EBITDA at a 10% annual rate, which includes additional acquisitions, until 2023.